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Manchester United, the England Premier League champions, are reportedly planning a $1 billion Initial Public Offering in Singapore (IPO).
According to the Bloomberg News report, Credit Suisse Group AG is working on the transaction, which is expected to take place before the year is over.
From Bloomberg:
United, examining ways to reduce its financing costs and raise money that could be used to buy players, is drawing on the sport’s rising popularity in a region where it has about 190 million fans. A listing by United would mark a victory for Singapore, which is competing with Hong Kong to attract initial public offerings by European companies.
“It’ll be a good coup for the Singapore Exchange,” said Christopher Wong, a Singapore-based senior investment manager at Aberdeen Asset Management Asia Ltd., which oversees more than $90 billion of regional equities. “Manchester United is an iconic eye-catching brand in this part of the world, and it’s probably just capturing that momentum because this is where growth is coming from.”
The club told Bloomberg they “do not comment on speculation”.
Manchester United was currently the 13/10 odds favorite to win the 2011-2012 Premier League Championship.
- Aaron Goldstein, Gambling911.com
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